MLCF Maple Leaf Cement Analysis 28 June 2013
Upside Prevails
Our Pivot: 19.39
Our Preference: Buy MLCF above 21.80 and add good averages above 20.74 with strict stop loss of 19.39 and profit target at 24.56 and 26.16 in Extension.
Alternative Scenario: Downward penetration of 19.39 will call for 18.20
NOTE: MLCF is getting support right now from its 50% Weekly correction level along with its weekly Third Support at 21.80, also on daily bases its getting support from middle line of its upward 3 layer prices channel so buying can be initiated above 22 or 21.80 if it take further dip then average could be added at 20.71 which falls on lower bottom of its upward weekly trend channel alon with its 100 weeks moving average.
Recommendations:
For New Entries ( buy above 21.80 and average at 20.74 )
Existing buyers short term (Hold till 24.56 and 26.16)
Daily Chart with Supports and Resistance:
Weekly Chart with Supports and Resistance:
3 COMMENTS
John Doe
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